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Budgeting in Self-Employment

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The ups and downs of income when you're self employed are so hard to navigate. Here's a solid approach to budgeting in self employment and striking out on your own with a plan in place. I'm glad I'm not alone!

I thought it would be fun to update this post exactly 5 years after I originally wrote it…let’s see what’s changed… Yes, even though blogging was/is officially paying me more than my day job ever did, I budget in self-employment.  Specifically, I really dislike the idea of irregular paychecks and we strive to make it less stressful. My Paycheck Plan 5 Years Ago I had been building up a blogging income account at ING (now CapitalOne 360).  My hope was to get it to $10,000 by the time I quit my day job so I’d have more than enough padding on months that I don’t bring in enough.  I made it to $9200 as of July 15, 2011 and I took it right over the $10,000 mark with the last paycheck I received after giving my 2 weeks’ notice. I was planning on paying myself a biweekly paycheck directly from this accout so we would never experience a budget crunch at all.  In order for this plan to have worked, I decided to pay myself $1500 every two weeks. How It Has Worked for the Last 5 Years I’m going to pat myself on the back.  This plan has been slightly adjusted as our income fluctuated over the … Read more

How I Avoided Three Layoffs in Three Years

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This is a guest post by Erika at Newlyweds on a Budget. She writes about managing finances, budgets, frugal living and life as a newlywed. In the past five years since I graduated college, I’ve been nearly laid off three different times.  I wasn’t able to collect a single unemployment check because I was always working at a new place within the week. This is how I avoided being laid off three times in three years. I Paid Attention At every job I had, I always knew there was trouble lurking. The rumors start, people talk, and your boss can’t quite look at you in the eye anymore. At Job #1, a small public relations firm, I noticed my part-time co-workers weren’t coming into the office as often. I would spend days just staring at my computer. There was no work to do. That was my clue to look for a job. After three months of scouring Monster, Craigslist, Indeed, CareerBuilder, LinkedIn, and any other hiring site you can think of, I started Job #2. At Job#2, a national advertising agency, the rumor mill started almost as soon as I accepted the position. Within five months of starting that job, … Read more

A $24,000 Loss – The Sequel

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Three weeks ago, Super Frugalette and I swapped blog posts about our biggest financial mistakes. Her $24,000 loss due to a bad work contract got so much interest that we both thought a continuation post was a great idea! Here is the sequel to my biggest financial mistake…. So the biggest mistake was that I did not have a lawyer look at the document. Yes, I lost $24,700, but within 6 months I received a $10,000 raise and my bosses’ job. Here’s how. After the Work Take Over When the new owners took over, jobs were cut left and right. Since I was the lone person in the marketing department, I had some job security. I continued my work basically without a boss for months. The new owners were frequently away. One day when one of the new owners was in Maryland, I was called into his office and informed that I had a new boss. She was a French woman who had spent years working in South America. I was informed that I was going to start working out of the Florida office. Yes, informed. I would be commuting from during the week to a different state. I did … Read more

My Husband’s Job Update – Good News!!!

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As many of you read about a month ago, my husband was losing his current job.  His school district decided to replace 15 newer school librarians with 15 senior librarians who were displaced since their positions were closed.  That meant my husband was being fired but his principal did throw him a safety net teaching position in case he couldn’t find a librarian position anywhere else. Job Update Within the last month, several things have happened: First, my husband’s principal attempted to simply close the now-open librarian position instead of accepting someone new, make my husband a teacher, and then station him in the library, but she was overruled. Then she decided to use some of her own budget as a special school to create a new position for Mr. BFS.  The new position would be technically as a teacher but doing the same duties as before.  The new librarian that would be replacing Mr. BFS would simply be given the teaching tasks for the library (working with kids on how to properly treat the books, how to use books for research, etc) and Mr. BFS would do the projects (the Spelling Bee, Career Day, Book Fairs, etc). Also, the school board approved … Read more

Job Experience – Don’t Rock the Boat

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The following is a guest post about a negative job experience by CT.  CT is a personal finance blogger over debtpayer.com and recently sold his prior website, Broke Professionals, where he and his wife still contribute as staff writers.  I was fresh out of law school and new to my first full-time job.  Like I tend to do with everything, I went into it full-tilt.  I was enthusiastic.  I was excited.  I was….not realizing that I was quite possibly acting like a huge jerk.  Job Experience – My Enthusiasm The bosses probably mistook my enthusiasm as being too aggressive.   The support staff tolerated me with a “he’ll slow down eventually” attitude.  I soon began formulating a “brilliant” idea that almost ruined my career.    During that period in time I was working 9 a.m.-10 p.m., seven days a week.  Those are crazy hours, even for an attorney.   Due to this, I started running out of work to do, which made me sort of upset.  I began requesting more work.  My need for more to do was insatiable.  One day while on the job I overheard one of the other employees say: “What does he think – they’ll make him partner in three months or something?”  It was around this period in … Read more